How to Choose Your Business Project Wisely

by David Gaudreault, Serial Entrepreneur, Online Marketer, and Personal Branding Passionate

Disclosure: Some of the links below are affiliate links, which means that at no extra cost to you, I earn a small commission if you click and make a purchase. Please note that to ensure my impartiality, I first make my recommendations and then, I check the possibility of an affiliation. I do it with the sole purpose of financing the costs associated with the creation of more valuable content for this blog. Thanks for your support and understanding.

Prospection

There are as many business projects as there are entrepreneurs, and even more, but not all business projects are created equal!

Some are much better choices than others and if you don’t choose wisely, you will end up working very hard and get very little results in return.

Looking for a business project idea is like prospecting for gold or hunting a treasure. If you follow the cleared paths, chances are you will never find the gold vein or the treasure you are looking for! Cliquez pour tweeter

This article is not a workshop style article nor a step-by-step procedure on how to find a business project.

It rather looks at the importance of venturing into unexplored territories to find the perfect business venture.

It considers two typical paths where most business projects fall into.

I call the first one, the cozy path and the second one the valiant path.

The latter being, in my opinion, the only viable path to achieving real success.

Learn more about the 6 steps to find a breakthrough business idea: 6 STEPS TO FIND BREAKTHROUGH SMALL BUSINESS IDEAS.

Cozy Path

I would say at least 9 out of 10 entrepreneurs take this path!

As you can imagine, the path is cleared and very attractive.

Who would be willing to go deep into the dense and dark forest when a beautiful path is there waiting to be taken?

When taking this path, you choose a project similar or identical to thousands of other businesses out there.

Then you use them as models and examples and you use their market data to support your business plan or their business cases to sell the viability of your project.

This choice presents the obvious benefits of being comforting, as you easily get the support of your friends and family because you don’t do anything outside the box.

You also get the support of local organizations, business support centers, and banks because they get to easily understand your project based on what they know and what already exists in the market.

It is really the easy path, at least until you try getting your first sales! More on this later…

Valiant Path

Very few entrepreneurs take this route.

You must be bold and think outside the box.

You must put your fears aside and jump deep into the dark forest, reach unexplored territories.

When taking this path, you do things differently, you innovate, you are being creative, you are being original and come up with something new.

A solution to a big problem. A project that will have a real social impact on your community, a real impact on millions of people and positively change the world.

This choice is disruptive and disturbing for your surrounding and most people around you will not understand your choice and will most probably not share your vision.

Imagine Bill Gates in the early eighties trying to pitch his crazy idea of building a business selling software as their core business. Most people thought he was out of his mind!

This is where courage comes into play. You will have to trust yourself enough to stick to your ideas and base your decisions on your customer discovery experiments instead of listening to the opinions of people you love and trust.

This path is arduous at first because you operate in an environment of extreme uncertainty.

Every step can bring difficulties, challenges, and obstacles, but every step can also end up in a beautiful, virgin and resourceful valley.

A great untapped gold deposits, a free market with no competitors.

It is hard at first, but then, once you get your viable business model, everything falls into place naturally.

Same Commitment, Different Results

What you need to realize is, the personal commitment for both types of projects will be more or less the same.

You will have to put the same amount of efforts and energy into both projects. It’s hard to be an entrepreneur and it’s hard work no matter the path you take!

However, there will be a major difference in terms of outputs.

On one side, if you can make a living out of a cozy project, good job! Because you will be launching your business in a highly competitive sector with well-established competitors and you will need to be very creative to grab a tiny bit of this well-defended market.

On the other side, if you bring something new to the world, the results will be huge.

Beyond the financial benefits you will be getting, you will have the sentiment to do something really significant, you will feel proud, accomplished, fulfilled with love and recognition and this is worth more than you can imagine!

Find your next big idea now. Learn the 6 steps to finding a breakthrough business idea: 6 STEPS TO FIND BREAKTHROUGH SMALL BUSINESS IDEAS.

Take Control

You should take control over your destiny, clear your own path, do things your own way.

It’s not going to be easy, but the return will be gratifying.

Start with a breakthrough business idea, a high potential idea that will be addressing a major problem. An idea that will bring a solution to the world, a solution that will impact millions of people.

Avoid poor ideas in competitive sectors.

At first, you will feel like you can overcome the challenges and beat your competitors on their own fields.

However, well-established businesses benefit from barriers to entry, solid backgrounds of experiences and a long list of loyal customers.

They have organic revenues to support their growth, while you will be paying for every bit of your customer acquisition. They have assets, cash flow, and credit!

You can’t fight on this ground unless you come up with a great innovation or a product that better meets the customer needs (check out this book called The Innovator’s Dilemma by Clayton M. Christensen.

It will teach you how you can beat large corporations by identifying disruptive opportunities that will better serve the customers’ needs with lower quality and lower priced product).

Even with perfect execution, you will sooner or later realize that hard work rarely outweigh a poor business idea in a highly competitive sector. Cliquez pour tweeter

Conclusion: Choose Wisely

If you are at the crossroad, I’m telling you now, you are probably tempted to choose the cozy path and you will probably justify your choice saying that it is what you are really passionate about, you can’t do otherwise, because YOU have a real passion!

If you can’t resist, you will fall into the same trap as 9 out of 10 entrepreneurs who take the cozy path.

Remember that it is not always best to build your business project around your passions. You should rather build around your strengths.

Check out these two articles on how to identify your strengths and how to perform 10x better by leveraging your natural talents and strengths.

In those articles, you will find out that building around your passion is limiting while leveraging your strengths can be done in any projects.

You need to choose a project wisely and then, build a team of people that will be complementing each other strengths to ensure the success of your innovative project.

Good luck on the path of greatness.. the one and only, the valiant path ;)

Did you find this article useful?

1 Star2 Stars3 Stars4 Stars5 Stars (1 votes, average: 5,00 out of 5)

Loading...

Qui est David Gaudreault?

David Gaudreault Bio

Je suis un entrepreneur, un bâtisseur, un spécialiste du marketing en ligne ... et un passionné de marques personnelles.

J'aide les entrepreneurs à développer deux éléments essentiels à la réussite d'une start-up: (1) créer une marque personnelle forte et (2) créer des bases solides de revenus passifs pour obtenir sa liberté professionnelle.

J'aide également les entrepreneurs à trouver leurs grandes idées d'entreprise, à tirer profit de leur marque personnelle pour propulser leur projet, à toucher des millions de personnes avec leurs entreprises et à changer le monde.

Articles populaires

E-BOOK ON PERSONAL BRANDING – DOWNLOAD NOW while it’s free

35 Powerful Actionable Tips (+ 3 Bonus Tips) on How to Brand Yourself

Personal Branding Guide - 35 actionable tips on How to Brand Yourself

Start building your personal brand now and set yourself up for new opportunities!

FREE guide including 35 actionable tips + 3 bonus tips!

Make sure the next time your future employer or collaborator google your name, they will find only the best version of yourself!

CHAPTER 1: CREATING YOUR BRAND IDENTITY!

1. Draft the Guidelines of Your Brand
2. Choose the Name of Your Brand
3. Write Down a Short Description of Your Mission and Supportive Tag Lines
4. Write Down Your Stories
5. Learn the Basics of Graphic Design and Video Editing
6. Get a Good Camera and Studio Equipment
7. Take an Awesome Picture of Yourself
8. Choose your Brand Colors
9. Design your Logo
10. Secure a Domain
11. Secure Your Social Profiles

CHAPTER 2: BUILDING YOUR BRAND ASSETS!

12. Build a Website & a Blog
13. Setup Google Analytics
14. Setup Facebook Pixel
15. Setup Your Professional Email Address
16. Design Your Social Media Pages
17. Get Your Professional Business Cards

CHAPTER 3: CREATING ENGAGING CONTENT – BLOG POSTS!

18. Creating Engaging Content – Blog Writing

CHAPTER 4: CREATING ENGAGING CONTENT – PHOTOS & VIDEOS!

19. Creating Engaging Content – Videos
20. Creating Engaging Content – Going Live
21. Creating Engaging Content – Photos & Images

CHAPTER 5: CONTENT MARKETING STRATEGIES!

22. Cross-Platform Content Integration
23. Engage with Your Visitors Using a Chat Plugin
24. Connect and Collaborate with Influencers
25. Build your Email List with Lead Magnets
26. Subscribe to a Marketing Automation Platform
27. Start Sending Automated Emails
28. Start Sending Web Push Notifications
29. Get Exposure by Guest Blogging
30. Get Exposure using LinkedIn
31. Get your Own Brands of Merchandise
32. Increase Your Visibility with Online Advertising
33. Interact in Groups and Forums

CHAPTER 6: CREATING THE PERFECT WEBINARS AND SEMINARS!

34. Get Exposure using Webinars
35. Get Exposure using Seminars

PLUS 3 BONUS TIPS!

  • BONUS #1: Crawl the Web to Monitor Your Brand
  • BONUS #2: General Data Protection Regulation (GDPR) Compliance Guide
  • BONUS #3: How to Setup Rich Pinterest Pins and Generate MORE Traffic to your site

PLUS 1 Bonus Checklist to keep track of your progress.

Remember, the best time to start your personal branding was a long time ago! But the next best time is … TODAY!

Please provide your information below so we can send your downloadable link by email. 

Please tick the below checkbox to confirm your consent to receive your free guide by email and future emails from us. You can unsubscribe by clicking the link in our emails. Please visit our privacy policy page for more information

0 réponses

Répondre

Se joindre à la discussion ?
Vous êtes libre de contribuer !

Laisser un commentaire

Votre adresse de messagerie ne sera pas publiée. Les champs obligatoires sont indiqués avec *

  • 4
  •  
  • 33
  •  
  •  
  •  
  •  
  •  
  •  
    37
    Shares
  • 37
    Shares